The Omnicare argument suggests that the Court may be poised hold that even sincere statements of belief or opinion can give rise to a federal securities lawsuit if a company lacks a reasonable basis for its views.

In a decision that could have important consequences for the scope of federal securities fraud claims, the Supreme Court held last week that only the corporate entity that makes a statement to the public can be liable. Even if related companies prepare the statement, the court held in Janus Capital...